City are confident that Atletico would accept around €4.1 million for Demichelis -- less than the €5 million the Copa del Rey winners were initially demanding but more than the FA Cup finalists had originally hoped to pay.

Nevertheless, it would represent a quick profit for Atletico, who last month signed the 32-year-old on a free transfer from Malaga, where he played under City manager Manuel Pellegrini.

City have been looking for a replacement for Kolo Toure, who joined Liverpool when his contract at the Etihad Stadium expired. And with Vincent Kompany and Micah Richards injured, and Matija Nastasic only deemed fit enough to be on the bench, Pellegrini only had one fit senior central defender, Joleon Lescott, for Sunday’s trip to Cardiff.